Week over week, we’re seeing usual numbers for June as attached. We’re seeing a 19%-20% absorption rate per week on homes in the MLS. When we include solds, as a whole in DFW, we’re sitting at a combined 30% sell thru per month on market activity. This places us in a 3 month supply market. Until we hit 5-6 months of supply, we are still in a seller’s market.
In the scheme of things, buyers are still writing offers faster than they would have otherwise. They are also jumping out of contract faster than before, so the more serious and earnest a buyer can be, the better chance they will have of being chosen in a multiple offer situation (of course strong terms are the primary winner here).
As a seller in May, across almost all price points, there was an uptick in sales. There was a decrease in days on market for homes $550,000 and below. For homes $550,000+, there was a mixed bag of Days on Market. This is largely because it’s a smaller sample size, and buyers are taking longer to make decisions if their hand isn’t being forced in a multiple offer situation. Contrary to what one’s gut would indicate, the homes that under price for the market are the ones being bid up with multiple offers. These same homes are the ones that are then capping out the market. The homes that list at the top of the neighborhood are now being forced to lower their price points, particularly if they are in the higher end home market. We’ll continue to watch these stats to see if they continue.